chicot county drainage dist baxter state bank argued december decided january mchaney lasker ehrman grover owens little rock petitioner hendricks little rock respondents chief justice hughes delivered opinion respondents brought suit district western division eastern district arkansas recover fourteen bonds issued petitioner chicot county drainage district organized statutes default since answer petitioner pleaded decree district proceeding instituted petitioner effect plan readjustment indebtedness act may providing readjustments decree recited plan readjustment accepted holders outstanding indebtedness fair equitable consummate plan approval petitioner issued sold new serial bonds reconstruction finance corporation amount new bonds valid obligations also approval reconstruction finance corporation purchased outstanding obligations petitioner amount delivered exchange new bonds canceled certain proceeds turned clerk disbursing agent filed report showing reconstruction finance corporation purchased old bonds petitioner amount decree provided application amount paid remaining old obligations petitioner obligations might presented within one year unless presented forever barred participating plan readjustment fund paid except provision presentation decree canceled old bonds holders enjoined thereafter asserting claim thereon petitioner pleaded decree entered march res judicata respondents demurred answer thereupon parties stipulated trial without jury evidence showed respondents ownership bonds suit respondents notice proceeding debt readjustment record proceeding including final decree introduced district ruled favor respondents circuit appeals affirmed decision placed upon ground decree void subsequent entry proceeding relating municipal district texas declared statute district acted unconstitutional ashton cameron county district view importance question granted certiorari october courts proceeded theory act congress found unconstitutional law inoperative conferring rights imposing duties hence affording basis challenged decree norton shelby county chicago indianapolis louisville rwy hackett quite clear however broad statements effect determination unconstitutionality must taken qualifications actual existence statute prior determination operative fact may consequences justly ignored past always erased new judicial declaration effect subsequent ruling invalidity may considered various aspects respect particular relations individual corporate particular conduct private official questions rights claimed become vested status prior determinations deemed finality acted upon accordingly public policy light nature statute previous application demand examination questions among difficult engaged attention courts state federal manifest numerous decisions inclusive statement principle absolute retroactive invalidity justified without attempting review different classes cases consequences ruling validity determined relation particular circumstances past transactions appropriately confine consideration question res judicata comes us first apart contention effect later decision constitutionality elements necessary constitute defense res judicata present appears proceedings district bring plan readjustment conducted complete conformity statute circuit appeals observed question raised regularity action answer present suit alleged plaintiffs respondents notice proceeding parties evidence effect showing compliance statute respect parties bondholders full opportunity present objections proceeding regularity fairness proposed plan readjustment propriety terms decree also validity statute proceeding brought plan put effect apparently question validity raised cause proceeded decree assumption parties statute valid attempt review decree general principles governing defense res judicata applicable bondholders opportunity raise question invalidity less bound decree failed raise cromwell county sac case beauregard baltimore steamship phillips grubb public utilities commission second argument pressed district sitting bankruptcy limited jurisdiction conferred statute statute later declared invalid district without jurisdiction entertain proceeding hence decree open collateral attack think argument untenable lower federal courts courts limited jurisdiction jurisdiction congress prescribed none less courts authority parties brought accordance requirements due process determine whether jurisdiction entertain cause purpose construe apply statute asked act determinations questions open direct review may assailed collaterally early case mccormick sullivant wheat contended decree federal district show parties proceedings citizens different hence suit coram non judice decree void said reason proceeds upon incorrect view character jurisdiction inferior courts limited jurisdiction account inferior courts technical sense words whose judgments taken alone disregarded jurisdiction alleged proceedings judgments decrees erroneous may upon writ error appeal reversed cause absolute nullities wheat page see also skillern executors may executors cranch des moines navigation iowa homestead dowell applegate evers watson cutler huston rule applies equally decrees district sitting bankruptcy purporting act statute congress passed exercise bankruptcy power authority pass upon jurisdiction decree sustaining jurisdiction attack open direct review res judicata collateral action stoll gottlieb whatever contention jurisdiction may whether boundaries valid statute transgressed statute invalid question jurisdiction still one judicial determination contention one validity question considered light standing party seeks raise question particular application present instance suggested situation petitioner chicot county drainage district different municipal district ashton case petitioner contends political subdivision state arkansas agent property owners within district see drainage district poinsett county hutchins ark refer phase case determinative merely illustrating sort question district might called upon resolve validity act congress present application raised question validity one determined judicial decision determined reason appears regarded determinable district like question affecting jurisdiction doubt question constitutionality statute actually raised decided district ing effect plan debt readjustment accordance statute determination final save open direct review upon appeal stoll gottlieb supra remaining question simply whether respondents failed raise question proceeding parties raised finally determined privileged remain quiet raise subsequent suit view contrary principle res judicata may pleaded bar respects matters actually presented sustain defeat right asserted earlier proceeding also respects available matter might presented end grubb public utilities commission supra cromwell county sac supra judgment reversed cause remanded district direction dismiss complaint ordered reversed remanded footnotes act general assembly arkansas approved february amended act general drainage law arkansas approved may stat originally provision limited two years extended january act approved april stat see field effect unconstitutional statute yale law journal yale law journal harvard law review virginia law review see drainage district crittenden county bank drainage district poinsett county see also miller tyler drinkard oden pulaski avenue people russel beck state